Which Are the Two Audit Assertions Considered Most Important to the Auditor

question 25

Multiple Choice

Which are the two audit assertions considered most important to the auditor concluding there are no material misstatements in trade receivables at year-end?

• A) valuation and allocation, and rights and obligations
• B) existence and occurrence
• C) occurrence and rights and obligations
• D) existence and valuation and allocation

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Definitions:

Secondary Learning

The process of acquiring knowledge or skills that builds upon or derives from previously learned primary concepts or abilities.

Social Learning Theory

A theory that proposes learning occurs in a social context and that people learn from one another through observation, imitation, and modeling.

Traditional Behaviorism

A theory of learning based on the idea that all behaviors are acquired through conditioning without considering thoughts or feelings.

Neuropsychology

The study of the relationship between brain function and behavior, including the effects of brain injuries and diseases.